扬农化工(600486)：业绩基本符合预期 葫芦岛进入贡献期

Core Insights - The company reported a revenue of 10.435 billion yuan for 2024, a decrease of 9.09% year-on-year, with a net profit attributable to shareholders of 1.202 billion yuan, down 23.19% year-on-year [1][2] Revenue Performance - The decline in revenue was attributed to a decrease in the prices of raw material products, despite an increase in sales volume [2] - Revenue breakdown: raw materials at 6.418 billion yuan (down 13.1%), trade at 2.306 billion yuan (up 3.7%), and formulations at 1.545 billion yuan (down 7.8%) [2] Sales Volume and Pricing - Raw material sales volume increased to 99,900 tons (up 3.5% year-on-year), while formulation sales volume was 36,400 tons (up 1.8% year-on-year) [3] - The average selling price for raw materials was 64,300 yuan/ton, down 16% year-on-year, and for formulations, it was 42,500 yuan/ton, down 9.38% year-on-year [3] Profitability and Cost Management - The overall gross margin was 23.1%, a decrease of 2.5 percentage points year-on-year, with raw materials at 27.7% (down 2.5 percentage points), formulations at 29.8% (up 2.4 percentage points), and trade at 7.3% (down 2.6 percentage points) [4] - The company maintained good cost control, with sales expenses stable year-on-year and management expenses reduced by approximately 50 million yuan [4] Future Profit Forecast - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is expected to be 1.47 billion, 1.78 billion, and 2 billion yuan respectively [5]